Aptos introduces Ondo Finance’s USDY stablecoin to its network
Aptos Weekly Overview - August 1, 2024
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By The Numbers
Aptos transactions this week: 14.6M (27.3%)
Network transactions per second (TPS): 24.1
Active users: 1M (+25.3%)
New users this week: 445.8K
Total staked APT: 879.03M (+0%)
Aptos total value locked (TVL): $404.9M (+1.1M%)
NFT weekly sales: 3.1K (-7.3%)
The percentages and metrics are based on a 7-day timeframe from Flipside data as of July 29, unless noted otherwise.
Inside the blockchain
🌐What happened: The Aptos Foundation partnered with Ondo Finance to launch Ondo US Dollar Yield (USDY), a yield-bearing stablecoin on the Aptos network.
🌐Why does it matter: This launch enables participants in the Aptos ecosystem to acquire and use USDY onchain and utilize across a range of decentralized applications (dApps).
Although USDY launched on Aptos on Wednesday, major protocols and wallets on the Aptos network have already integrated USDY including Aries Markets, Thala Labs, Pontem’s Liquidswap and Petra Wallet.
By implementing a yield-bearing stablecoin, Aptos hopes to provide consistent returns for its users and a secure, fixed currency for unstable economies. The ability to earn yield on a stablecoin, backed on a 1:1 ratio by the US dollar, aligns with the increasing demand for safe and profitable investments in the web3 space.
As the world becomes more digital and the macroeconomic environment continues to be uncertain, USDY can provide optionality for users looking to protect themselves against inflation and security-related concerns.
🌐The big picture: The introduction of USDY on Aptos points to the continued expansion of DeFi – by combining stablecoins with accessibility to provide yield and security to investors onchain.
As it stands, other chains like Ethereum, Solana and Mantle have also integrated the Ondo-based stablecoin. USDY has a total market cap of about $181 million, according to CoinMarketCap data.
For Aptos specifically, the partnership opens the door for more innovation of financial-based products within its network, as well as real-world asset yields on Aptos.
The availability of stablecoins on Aptos could also lead to increased interest and investment in the network, further cementing its role as a key player in the DeFi space.
Ecosystem wins
Aptos reached 1M active users this past week, with more than 445K new signups—surpassing 20M total unique users, Flipside Analyst Cristinatinto reported (shown below)
Bitkub Academy partnered with Aptos Foundation to provide educational programs to the APAC region
Joule Finance released Alinks, a tool integrated with X to provide users access to dApps on Aptos
Supervillian Labs released its debut mobile game Supervillian Wanted on iOS and Google Play store
Kana Labs opened waitlist signups for its onchain perpetual futures platform
The community is makin’ Moves
X user Mi_Tion111 created a deep dive into Joule Finance, a DeFi liquidity hub on Aptos
MoveSpiders shared a thread outlining five use cases for the Move programming language
SpooksLabs hosted a spaces on X to showcase Econia Labs’ new Emojicoin dApp
Check out the winners of Developer DAO’s Aptos-focused writing competition here
By the headlines
It was a big week for Aptos, so you might have seen these headlines recently…
OKX Ventures and Aptos Foundation launched a $10M joint fund to expand its ecosystem
Check out coverage on CoinDesk, Decrypt, VentureBeat
And for more on Ondo’s USDY launching on Aptos:
Yield-bearing Treasury-backed stablecoin USDY launches on Aptos (Cointelegraph)
Join in the fun
Want to dive into the ecosystem full-time? Find the latest job postings on Aptos Foundation here.
Nameless NYC is hosting Bowery Land, a block party event in NYC on Aug. 3rd, powered by Aptos
Code Collision, a month long hackathon for building dApps on the Aptos network, will be running until Sept. 30
Meet up with the Aptos community at The Aptos Experience, an interactive web3 summit in South Korea from Sept. 5-6
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.